{"id":126385,"date":"2026-03-31T20:21:59","date_gmt":"2026-03-31T19:21:59","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=126385"},"modified":"2026-03-31T20:21:59","modified_gmt":"2026-03-31T19:21:59","slug":"reps-approve-n68-3trn-2026-budget-ok-6bn-loans-for-tinubu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/reps-approve-n68-3trn-2026-budget-ok-6bn-loans-for-tinubu\/","title":{"rendered":"Reps Approve N68.3trn 2026 Budget, OK $6bn Loans for Tinubu"},"content":{"rendered":"
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By Tracy Moses<\/div>\n
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The House of Representatives on Tuesday passed the\u00a0 N68.30 trillion 2026 budget, up from the N58.18 trillion initially proposed by President Bola Tinubu. The approval followed consideration and adoption of the report from the House Committee on Appropriations during plenary.<\/div>\n
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Budget Breakdown<\/div>\n
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Of the total sum, N4.79 trillion is earmarked for statutory transfers, N15.80 trillion for debt service, N15.42 trillion for recurrent (non-debt) expenditure, and N32.26 trillion for capital projects.<\/div>\n
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Under statutory transfers, the Independent National Electoral Commission (INEC) received the highest allocation of N1.01 trillion, followed by the Niger Delta Development Commission (N618.12 billion), National Judicial Council (N610.17 billion), National Assembly (N577.85 billion), Universal Basic Education Commission (N490.28 billion), and Basic Healthcare Provision Fund (N245.14 billion).<\/div>\n
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Other commissions also received allocations, including the National Agency for Science and Engineering Infrastructure (N245.14 billion), North East Development Commission (N244.06 billion), North West Development Commission (N145.60<\/a>\u00a0billion), and the North Central, South West, South South, and South East Development Commissions, each with N140 billion.<\/div>\n
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Recurrent Expenditure Highlights<\/div>\n
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For recurrent (non-debt) spending, the Ministry of Defence received the largest allocation at N2.69 trillion, followed by the Ministry of Education (N1.38 trillion), Ministry of Police Affairs (N1.27 trillion), Ministry of Health & Social Welfare (N1.01 trillion), Ministry of Interior (N662.74 billion), Ministry of Youth (N498.06 billion), Office of the National Security Adviser (N377.215 billion), Ministry of Foreign Affairs (N287.90 billion), and the Secretary to the Government of the Federation (N185.49 billion).<\/div>\n
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Capital Expenditure Priorities<\/div>\n
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The capital component of the budget places the Federal Ministry of Agriculture and Food Security at the top with N3.25 trillion, followed by the Federal Ministry of Works (N3.17 trillion), Ministry of Innovation, Science and Technology (N1.83 trillion), Ministry of Health & Social Welfare (N1.22 trillion), Ministry of Education (N655.82 billion), Ministry of Labour and Employment (N643.36 billion), and Ministry of Finance (N625.29 billion).<\/div>\n
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Extension of 2025 Capital Budget<\/div>\n
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The House also approved an extension for the implementation of the 2025 Capital Budget from March 31, 2026, to June 30, 2026, following the consideration and approval of HB.2743, a bill to amend the 2025 Appropriation Act for related matters.<\/div>\n
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Approval of $6 Billion Loans<\/div>\n
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Lawmakers gave approval for President Tinubu to secure $6 billion in external financing to support federal government funding and infrastructure projects. This includes a $5 billion loan facility from First Abu Dhabi Bank to cover budget deficits and debt obligations, and a $1 billion UK Export Finance (UKEF) loan arranged by Citibank for the rehabilitation of the Lagos Port Complex and Tin-Can Island Port Complex.<\/div>\n
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According to the President, the port project is aimed at addressing infrastructure deficiencies, improving operational efficiency, enhancing safety standards, and supporting non-oil trade diversification in Nigeria.<\/div>\n
Yahoo Mail: Search, Organize, Conquer<\/a><\/div>\n<\/div>\n<\/div>\n